Non-fungible tokens are the new craze of the internet. They are proof of ownership over a digital asset. You have a certificate for ownership that assigns you as the exclusive owner.
Many are confused and amused by the concept because, technically, nothing stops a stranger from downloading and using the image or file you have transformed into an NFT. Still, NFTs find themselves in massive demand by the public, and the upcoming auction for 104 of Sotheby’s “CryptoPunk” non-fungible tokens proves that.
The date for the auction is set for the 23rd of February, with expectations from experts and NFT enthusiasts for records to be broken. The “CryptoPunk” collection is currently valued at $20 million to $30 million.
This is not the first time that Sotheby’s breaking records with the selling of NFTs. In May 2021, nine CryptoPunks were sold for $16.96 million. Then in June 2021, Sotheby’s CryptoPunk #7523 was sold for $16.49 million. At this point, total NFT sales for Sotheby’s have hit more than $100 million.
CryptoPunks are among one of the most popular and sought-after NFTs. The group of 104 NFTs, representing more than 1% of all CryptoPunks, were acquired together in a single transaction in the blockchain. The transaction took place with an anonymous collector named 0x650d.
Michael Bouhanna, Co-Head of Digital Art at Sotheby’s, has praised CryptoPunks not only as artistically valuable by themselves but as empowering for other crypto and NFT projects. The high value assigned to CryptoPunks means the artistic merit of other collections is more likely to be recognized.
Mr Bouhanna says:
“CryptoPunks are the original PFP series that created the template for other NFT projects that have followed, and which helped propel NFTs to the global stage as one of the most recognizable visual styles that have become synonymous with the digital art movement,”
To support other crypto and NFT creators and enthusiasts, Sotheby will hold a live panel discussion and presentation on the history of NFTs. Speakers are yet to be announced, but so far, we know that Sotheby will examine the rise of CryptoPunks – how they were designed and created, their climb to mainstream recognition, and their use by celebrities like Jason Derulo and Jay-Z.
